POLI 445 Lecture Notes - Lecture 2: Classical Liberalism, Deflate
30 Jan 2018
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*friedan writes from political science/ir person looking at the system as a whole. Bp adjustment: when you owe money, you have to pay in some way - this is generally seen as a problem, when others owe you money, you can accumulate credit, collect foreign exchange, and/or add to assets. Focus is on ability to organize (groups, political parties: draw from mancur olson"s work, proximity, other shared characteristics (existing cleavage?, selective incentives, political institutions act as filters, democracy vs. non-democracy, base of support matters for both, presidential vs. Rival perspectives: realism: for states, power relationships matter most, preferred method of bp adjustment defined by international regimes, method may be imposed from outside. States choose method providing more security: constructivism: identities & norms guide behavior, norms arise from concepts and ideas, these change for a variety of reasons. Managing exchange rates: choice between fixed and floating, fixed rates have their own costs, fluctuation creates uncertainty.
